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Mining bitcoin could get easier after China crypto crackdown

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With China cracking down on cryptocurrencies, it may soon become much easier — and more profitable — to mine bitcoin.

Last month, Beijing called for measures to stamp out bitcoin mining amid concerns over its environmental impact. This has already resulted in crypto miners fleeing China for other regions, like North America.

China’s crackdown intensified over the weekend, with authorities in the hydropower-rich Chinese province of Sichuan ordering crypto miners to shut down operations.

According to reports, more than 90% of China’s bitcoin mining capacity is estimated to be closed. It is thought that between 65% to 75% of all global bitcoin mining takes place in China.

Though it may not…



Source cnbc.com

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